UPDATE: Noble Financial Downgrades Hanger, Inc.

In a note released earlier today, Noble Financial analyst, Michael Petusky downgraded shares of Hanger, Inc.

from Buy to Hold. Petusky said the company reported "very disappointing" results for the second quarter, noting an adjusted EPS of $0.40 compared to the firm's $0.57 estimate and a $0.53 estimate. In addition to the EPS miss, Hanger also slashed its 2014 EPS and revenue guidance from $2.01-2.11 and $1.10 - 1.12 billion to $1.60-1.70 and $1.06-1.08 billion. "The outlook provided by management for the remainder of the year does not really include a path that will drive positive sales comps in the near future; cost-cutting, while helpful, will not overcome negative sales comps," Petusky said.